John Irving, Ventiv’s very own Commercial Director, EMEA, had the opportunity to run an informative workshop on the topic “Unlocking the unknown, the future of risk management analytics”. He shared his expertise in analytics and using AI to support key business decisions, as well as giving a demonstration of Ventiv’s RiskConsole system and Watson analytics.

Are your claims adjusters overwhelmed with current data yet unable to see any trends or analytics for current claims? Does your infrastructure allow for consumption of large amounts of historical data to be used to provide key insights into claim activities, safety initiatives, and risk programs?

Claim adjusters need to handle large caseloads and contend with numerous issues each day. Without the proper tools, seemingly routine claims can cause major headaches for adjusters and impact an organization’s bottom line. Taking a proactive approach through analytics and reporting tools, organizations can better manage resources, claims, and vendors.

Data-privacy laws like the General Data Protection Regulation (GDPR) not only require your business to be compliant; they also require your company to ensure that the suppliers and partners who manage your data are compliant as well.

Technology vendors, like Ventiv, are classed as data processors when they hold or have access to your data. It is this classification that means they are subject to data protection rules, just as organizations that collect data are.

Today’s software environment leans heavily toward cloud-based, vendor-hosted applications. However, providers that offer only that kind of solution limit both the flexibility and options available to their clients.

Internet-based applications that can be either vendor- or client-hosted provide the most flexibility and deliver a claims solution that meets the needs of clients. That’s because while some organizations have decided they can generate better returns by focusing on their core competency—claims handling—other organizations still have valid reasons for wanting to keep their system behind their own firewalls.

When I discuss robotic process automation (RPA) with Ventiv’s clients and prospective clients, I’m often asked how RPA differs from machine learning (ML) and artificial intelligence (AI). A November 2017 article from CIO.com offers a good starting point: “RPA can include ML or AI, but it is governed by set business logic and structured inputs, and its rules don't deviate, whereas ML and AI technologies can be trained to make judgments about unstructured inputs.”

This blog post in 30 seconds:

Conventional wisdom holds that for most organizations, robotic process automation (RPA) has value but is only a stopgap on the march toward artificial intelligence (AI) and machine learning (ML).

Conventional wisdom overlooks the great expense and upheaval usually associated with deploying AI and ML. RPA is cost-effective and deploys easily.

In terms of business need, RPA integrates legacy systems. These systems serve important purposes but often can’t be linked to other, newer systems by modern means of transferring information (like API and web services).

All things being equal, why wouldn’t everyone choose artificial intelligence and machine learning and their ability to learn and make judgments? In reality, all things are rarely equal, and deploying AI and ML is usually a very disruptive, costly process. Moreover, you have to ask what you’re trying to achieve; RPA, I’d argue, strives for more modest, yet imminently more attainable, goals.

Claim organizations face a significant task in today’s environment. The escalating cost of claims continues to be a major concern. From timely incident reporting to claim accuracy, excessive administrative costs, and more, organizations need to adopt strategies to reduce costs and build an efficient and sustainable claim system.

We are in the final stages of counting down to the General Data Protection Regulation (GDPR), which officially comes into force on 25th May 2018. This means that these are the final weeks for businesses to assess, implement, and amend processes to sufficiently protect any data that is collected and stored before significant penalties come in for slack information protection practices.

The European Union’s General Data Protection Regulation (GDPR) is upon us, becoming enforceable on May 25, 2018. It’s no exaggeration to say that achieving compliance (as well as being able to demonstrate compliance) requires that companies make a fundamental shift in how they approach data governance. Companies worldwide are struggling with the magnitude and scope of the GDPR; however, those that get data governance right can reap significant benefits.

Earlier this month, we at Ventiv introduced our brand-new robotic process automation (RPA) solution. RPA is an exciting new approach to automating manual processes and integrating disparate applications and systems. Although still emerging, RPA is a proven technology already in wide use across sectors and industries.

About this blog

This is the go-to source for risk, insurance and safety managers to get reliable, informative knowledge and commentary relevant to you and your work. Visit the 3SIXTY blog to engage Ventiv technology experts in risk, insurance and safety.